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The first market, the general stock market, has held its value this year and experienced fairly low volatility despite slower-than-expected economic growth and a nagging concern among stock investors that the good times have gone on too long. Lately, the Dow Jones Industrial Average, to the surprise of many, has managed to hit new all-time highs.

And then there's the tech-stock market. Many of the largest names have had bear-market-styled falls. Based on what's been written on financial Websites, stocks in this market are either bubbles waiting to burst, bubbles that have already popped, or deflated bubbles that can lose more air.

Bespoke Investment Group

"Cloud, internet, social, growth...all are getting absolutely wrecked and nobody appears to be ready to catch the falling knives yet," writes Bespoke. "All of these stocks are solidly within the definition of a bear market (at least 20% off their highs) and look to be mired in that weakness for the foreseeable future."

The Street

"The company said this week it will put $1 billion into cloud products and services over the next two years," writes Dana Blankenhorn, a contributing writer to The Street. "The problem is $125 million a quarter is chicken feed in the cloud wars, and profits there are becoming increasingly hard to come by."

Blankenhorn points out that the competition in the cloud-computer space is growing and it's coming from the likes of some formidable deep-pocketed companies including IBM, Intel, Amazon.com, Google and Microsoft.

The story succeeds in laying out the competitive challenges that HP will face. But it doesn't really make a strong enough case why the stock will plummet as a result.

That being said, any investor in HP at its current highs should be concerned about the cloud business.

Though many stocks have already fallen off big highs, there's still a sense among many in Northern California that euphoria in the tech sector remains.

In a piece packed with great anecdotes, Fortune senior editor at large Adam Lashinsky, who is based in San Francisco, discusses how the mood in the Bay Area is somewhat reminiscent of what was happening to tech-related companies in the late 1990s.

Fortune

"The oversupply of journalism jobs covering the technology industry, for example, is a good indicator," Lashinsky writes. "Silicon Valley is the hottest story going these days, and not just because The New Yorker, New York magazine, and the New York Times Magazine have discovered it. New digital publications devoted exclusively to covering technology have sprung up, including PandoDaily, The Information, Re/code, and Mashable.

"That, in turn, has provoked a frenzy of tech-coverage hiring at the likes of the Wall Street Journal and Bloomberg News," he writes.

He adds that he can "also gauge the tech bubble by the flow of dinner, drinks, and other social invitations in my inbox."